Budget 2024:  11% hike in Infra Sector Allocation

By neub9
2 Min Read

Interim Budget 2024 Highlights

The Interim Budget 2024, presented by Finance Minister Nirmala Sitharaman, has allocated ₹11.11 lakh crore (3.4% of GDP) for capital expenditure for infrastructure, marking the fourth consecutive year of increased funding in this sector. This aligns with market expectations and represents a promising investment in the country’s development.

Furthermore, the extension of 50 year interest free loans to state governments under the Gati Shakti Master Plan demonstrates the government’s commitment to supporting infrastructure development. The Gati Shakti Master Plan, a project of Prime Minister Narendra Modi, aims to enhance multi-modal connectivity through a holistic policymaking approach. This forward-thinking initiative will provide stakeholders with real-time information through a single digital portal.

Implementing Railway Economic Corridors

The budget also outlines the implementation of three major economic railway corridor programmes under the PM Gatishakti National Master Plan. These include energy, mineral, and cement corridors, port connectivity corridors, and high traffic density corridors. Additionally, the government plans to convert 40,000 normal rail bogies to the Vande Bharat standards, focusing on enhancing safety, convenience, and comfort for passengers. These initiatives are aimed at decongesting high-traffic railway corridors and improving overall passenger train operations.

FM Nirmala Sitharaman emphasized the importance of Metro and NaMo Bharat trains in addressing rapid urbanization and the expanding middle class in India. The budget provides support for the expansion of these systems in large cities, with a focus on transit-oriented development to drive urban transformation.

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